Section 34 - Amendment of section 55 - Finance Act, 1992

34. Amendment of section 55 In section 55 of the Income-tax Act, with effect from the 1st day of April, 1993, - (a) in sub-section (1), in clause (b), in sub-clause (2), in item (i), - (i) for the figures 1974 , the figures 1981 shall be substituted; (ii) the words and the fair market value of the asset on that day is taken as the cost of acquisition at the option of the assessee, shall be omitted; (b) in sub-section (2), in clause (b), for the figures 1974 , wherever they occur, the figures 1981 shall be substituted.